SPAA welcomes abolition of superannuation guarantee age limit

The Self Managed Super Fund Professionals' Association (SPAA) has welcomed the Government's undertaking to lift the age limit on the Superannuation Guarantee.

Commenting on the announcement by Assistant Treasurer and Minister for Financial Services Bill Shorten last week, SPAA chief executive Andrea Slattery described the move as a breakthrough for senior Australians.

She said that, recognising the age limit currently stood at 65, SPAA had been urging the Government for the sort of change announced by the Minister.

Shorten has said he would abolish the superannuation guarantee age limit from 1 July 2013 - something which has also been signalled by the Opposition.

"SPAA congratulates the Government on the SG age limit measure, as it will allow more senior Australians the opportunity to save for retirement, particularly as many of them transition to part-time and casual work," Slattery said.

She said SPAA also supported the main feature of the Superannuation Guarantee (Administration) Amendment Bill 2011, which is to raise the SG from 9 per cent to 12 per cent between 2013 and 2020.

However, Slattery urged the Government to also address related superannuation issues which affect Australians saving for retirement.

"We call on the Federal Government to address other superannuation contribution issues, such as raising the annual concessional superannuation caps and finding a resolution to the excess contributions tax problem so confidence and certainty in the superannuation system can be restored," Slattery said.